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tv   CBS Morning News  CBS  July 16, 2010 4:00am-4:30am EDT

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find out how you can help. visit us at the uso. until every one comes home. so far so good. bp's new containment cap is holding and at least for for you the gulf oil leak as been stopped. crackdown. congress passes a sweeping financial reform bill to rein in wall street. apple to address problems in the latest iphone. this is the "cbs morning news" for friday, july 16, 2010. good morning, everybody, and thanks for joining us. i'm betty nguyen. the worst offshore oil leak in u.s. history has stopped, at least for now. take a look at this. this is a live picture in something we haven't seen in
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fearly three months. bp's latest containment cap is holding and oil is no longer gushing into the gulf of mexico, but the a temporary fix and a lot of work remains. tara mergener is in washington joining us live. good morning, tara. >> reporter: good morning, betty. as you said, this fix is not permanent but there is a big sense of relief this morning, albeit, a cautious one. bp's latest fix appears to be doing its job, at least for now. >> i think everyone feels we've begun to turn a corner. >> reporter: for the first time thursday the company managed to block the flow of oil with a new tighter fitting cap. it's what gulf coast residents have been waiting fearly three months for. >> that's part of the problem is over. >> reporter: no one is sell braying just yet. engineers must closely monitor the pressure buildup to make sure the well stays intact and no new leaks erupt. >> once we're convinced it can
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withstand the pressure we will consider shutting in the well. >> reporter: president obama is cautiously optimistic. he called thursday's progress a positive signed but warned the cap is still in its testing phase. the next two days will be critical. there's a possibility oil forced down into the bedrock could rupture the sea floor or the pressure buildup could cause another explosion. even if the test results are good, bp hasn't ruled out releasing some oil again as a precautionary measure. the company calls the containment cap a temporary fix, at best. while it finishes drilling two relief wells. >> that activity will continue until this well no longer has the capability to flow again. >> reporter: even when the gusher is plugged for good, experts warn oil could condition washing ashore for months to come. and bp will be assessing pressure readings and other data every six hours to decide whether or not to continue with the test. betty, back to you. >> as we continue to watch and
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see if this does hold, want to know, how is all this work underwater affecting the clean-up operation on the surface? >> reporter: betty, now that the oil is supposedly contained, crews can focus more now on the clean-up and experts say the slicks, at least some of them, will get a chance to weather and dissipate. remember, this clean-up will take years, not to mention billions of dollars. betty? >> cbs's tara mergener in washington this morning. thank you. the oil spill is not the only reason bp is in the headlines this morning. the senate foreigns relation company is demanding answers about the lockerbie bomber. al megrahi was freed from prison last summer after eight years. officials say it was because he was sick and dying. now with him still alive if libya, it's reported his release was part of an oil deal between bp and libya.
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bp admits it lobby the british government to release him. >> if bp is found to have gained access to libyan oil reserves by using a mass murderer as a bargaining chip, then make no mistake, any money it makes off that oil is blood money, pure and simple. >> senate hearings on bp will begin july 29th. after a year of partisan debate in congress, a sweeping financial overhaul is about to become law. the senate passed the bill thursday and president obama says he will sign it next week. alexis christoforous reports. >> reporter: change is coming to wall street. >> report is agreed to. >> reporter: the senate voted to approve the long-debated crackdown. >> we're giving wall street the longest overhaul it's never had. not the final bill weighs in at over 2,000 pages, takes on the issue of too big to fail, meaning regulators will have the
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power to break up large financial firms that pose a risk to the economy. it creates a new agency to protect consumer financial. the goal is to protect the nation from another financial meltdown. the house already passed the bill and president obama plans to sign it into law next week. >> because of this reform, the american people will never again be asked to foot the bill for wall street's mistakes. >> reporter: wall street knew change was coming and waited for a year for the final version. in the end it's actually less restrictive tan it started out. >> we have answers now. the transparency is there. we know what the rules and regulations are going to be moving forward so that brings investor confidence back to the markets. >> reporter: only three republicans supported the bill. one opponent dismissed it as a legislative monster. >> unfortunately, the bill does very little to make our financial system safer. >> reporter: even the bill's
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most passionate advocates say change will be slow. alexis christoforous, cbs news, wall street. and on the "cbs moneywatch," a mostly down day for stocks in asia. ashley morrison is here in new york with the latest on that. good morning. >> reporter: good morning to you. worries about the american economy sent most asian markets into the red. nikkei lost 2.5% while the hang seng was lower. today wall street get the latest on inflation. the dow lost seven points yesterday while the nasdaq was down a fraction. wall street powerhouse goldman sachs will pay $500,000. it's the biggest penalty-e levied by the s.e.c. in the settlement goldman neither admits or denies it committed fraud but failed to disclose vital information to its clients. the fine includes $250 million
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to compensate harmed investors. goldman will write another $300 million check to the united states treasury. it amounts to a little more than two weeks of net income for the firm. and getting it over with it good for business. by the end of trading day yesterday, goldman stock was up more than 5%. the eyes of the tech world will be focused on apple as they hold a fuse conference. while apple execs have not said what it will be about, they are expected to address complaints the latest iphone drops calls and has other reception issues. what started as a minor headache has turned into a pr disaster for the company. there have been several reports apple's own engineers knew about the problem but did fog to fix it. apple is expected to offer some kind of solution today but analysts don't expect them to announce a recall. americans appear to be getting a better handle on their credit card payments. five of the top six u.s. credit card companies report declines in june.
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chargeoff rates. toes are the unpaid balances they had given up on collecting. only citibank says writedowns and late payments increased last month. get ready to say good-bye to five of the 31 flavors. baskin-robins is replacing some older tastes with new ones to celebrate their anniversary. french vanilla, camp fire s'mores, apple pie ala mode and truffle is being put in the deep freeze. you have until july to fill up and stock up all you need to on those flavors. >> how do you get rid of french vanilla? >> and the apple pie ala mode? >> i wonder what they're going to replace them with? bubble gum? how do you change ice cream? >> those are classics. >> ashley morrison joining us live in forecast. thank you. just ahead on the morning news -- you keep hearing about cheap mortgages. getting one, that is a whole
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another matter. pink goes plump. the pop star takes an on-stage tumble. first, though, katie couric has a preview of tonight's "cbs evening news." >> our four-months investigation first told to about the widespread use of antibiotic and healthy livestock and how it could be hazardous to your health. now the government is taking action. should the practice be banned? tonight only on the "cbs evening news."
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you're about to see something went wrong at a pink show last fight in germany. the pop star fell out of an aerial harness and tumbled eight feet to the floor. she was rushed to the hop. pink later sent a tweet to her fans saying, quote, seriously sore but nothing's broken. a searing heat wave has sparked stubborn wildfires in southern california. firefighters say they plan to
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make more progress battling several blazes including one if rifside county. no major property damage so far but dozens of residents were forced to evacuate their homes for a few hours yesterday. to the economy. mortgage rates are at historic lows and you would think it would be good news for potential home buyers or homeowners looking to refinance. actually, getting one of those cheap mortgages is anything but easy. anthony mason reports. >> i don't think i've heard of a rate better than that. >> reporter: when cindy and paul went to refinance their new jersey home, they couldn't believe the interest rate they were offered. >> i let out a little scream. >> i heard it from downstairs. >> reporter: they bought their house nearly two years ago with an interest-only loan at 6 3/8%, this year they refinanced to a fixed rate at 4.25%. >> that's going to save us 300-plus a month.
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>> that's a car payment. >> reporter: with interest rates falling to 50-year lows, the phones are ringing, but tighter lending standard are making it hard for many to take advantage of the lower rates. >> you have plenty of assets but they're not liquid assets. >> reporter: completely different climate? >> completely different. >> reporter: this mortgage broker says banks won't cut corners anymore. >> we want people with money. in the bank, good credit scores. >> reporter: more than a quarter of all consumers, 43 million people, have credit scores below 600, marking them a bad credit risk. scott doesn't have that problem. >> i'm current on my mortgage. i'm current on my bills. >> reporter: but foreclosures in his ft. lauderdale, florida, neighborhood have driven down the value of his home. >> houses that were in the 400 to 500 range are now, you know, barely above the 200 range. >> reporter: with his house now
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worth less than his mortgage, banks won't let him refinance to a lower rate. >> i'm being told the same thing. i cannot qualify based on the value of the property and its current location. >> reporter: so many of the people who need the relief the most, can't get it, which is one reason why even with these record low rates, applications for home loans are declining again. anthony mason, cbs news, new york. straight ahead, your friday morning weather. in sports, just 21 years old and 9 under bar, rory mcelroy leads the british open. [ female announcer ] right now when you stay two times with comfort inn or any choice hotel, you can feed a family of four. book now at to start earning your $50 restaurant gift card. at the end of the day as they do at the beginning? air optix® contact lenses have superior deposit resistance for cleaner lenses. air optix®, the lens you can survive a long day in.
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good nutrition from the start. here's a look at the weather in some cities around the current. new york, partly cloudy, 84. chicago, sunny, 91. sunny in denver, 93. los angeles, a sunny 93. time now for a check of the national forecast. the latest satellite picture shows a large band of clouds and storms moving throughout the great lakes. skies, they are clearer over much of the northwest and northern plains. later today, severe weather heads into the northeast. and look for scattered thunderstorms in the southeast and southern plains. plus, expect triple digit temperatures in parts of the northwest. the second round of the british open championship is under way in scotland. 21-year-old rory mcilroy held
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the first round lead, matching the lowest round shot in any major. john daly is three shots back, tied for third. tiger woods is in the hunt, tied with eight others, 4 shots off the lead. to baseball. back in action after the all-star break. in san francisco, carlos beltran returned to the visiting mets' lineup after missing the first half of the season following knee surgery, but the giants' tim lincecum pitched a complete game shutout and the mets lost 2-0. in atlanta, chipper jones hit one of two braves' home runs. atlanta beat the brewers 2-1 and now lead the n.l. east by five games. in the american league, chicago at minnesota. the white sox's a.j. pierzynski hit a go ahead rbi double and bobby jenks picked up his 28th save in 28 chances. sox beat the twins 8-7. the tour de france where cooler heads did not prevail. take a look at this.
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australian mark renshaw head-butts another racer for his teammate to pull ahead. he was expelled. when we return, another look at this morning's top stories. and president obama has accomplished much of what he set out to do, yet his poll numbers are way down. you'll never go back to your old duster. [ funny voice ] hey, duster! wanna attract dust like swiffer 360 duster? then try the magnet hat! ♪ whoa! wow! [ female announcer ] sorry, duster, but swiffer 360 dusters attract dust with over 500,000 fibers and lock it away to clean better than a feather duster. swiffer's built smarter to clean better. ♪ she blinded me with science ♪ haha, here already? i got another 300 miles in me. sure you do, honey. come on guys, give me a hand. we can make it to paper clip mountain! looks like somebody needs a comfort inn.
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on the "cbs morning news," here's a look at today's weather. the heat is on across much of the nation with triple digit temperature moving into parts of the northwest. and 90s all the way from the california coastline through the midwest and into the northeast. there will be scattered storms in the northeast. here's another look at this morning's top stories. the oil has stopped flowing into the gulf of mexico. the new containment cap is working so far but it is a
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temporary fix and the next 48 hours will be critical. the senate completed passage of a sweeping financial overhaul bill. it imposes new controls on banks and financial institutions. president obama says he'll sign it next week. with congressional passage of financial reform, president obama has achieved much of his agenda, despite tough republican opposition, but democrats have their issues with mr. obama as well. chip reid has the story. >> reporter: when he signs the wall street reform bill next week he'll add it to a long list headlined by health care reform and stimulus. with so many accomplishments in just 18 months, you'd think the president would be flying high. instead, his approval rating continues to sink and now stands at just 44%. so, what's the problem? in a word, jobs. the president, who visited yet another stimulus project this accident one in michigan, seems powerless to do anything about an unemployment rate stuck at an excruciating 9.5%.
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>> what the president has been pushing is not working. washington reports filled with a bunch of fuzzy math won't chain the fact that stimulus is failing. >> reporter: the bad economic news has fearful democrats lashing out at each other. white house press sktd gibbs ignited a firestorm with this comment. >> there are, no doubt, enough seats in play that could cause republicans to gain control. no doubt about that. >> reporter: gibbs says he's speaking the obvious but nancy pelosi is angry at him and deeply unhappy the white house isn't doing more to help. after meeting with the president, pelosi said he will now campaign more for house democrats, but that creates another problem. many vulnerable democrats don't want the increasingly unpopular president in their districts at all. many of those vulnerable democrats say, yes, wall street reform is a good thing, but what their constituents desperately need now is jobs.
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chip reid, cbs news, the white house. this morning on "the early show," new revelations about the mel gibson phone rant. and a performance by sting. i'm betty nguyen. we've got to capture. my job is to hunt it down. i'm fred lemond, and i'm in charge of bp's efforts to remove oil from these waters. bp has taken full responsibility for the cleanup and that includes keeping you informed. every morning, over 50 spotter planes and helicopters take off and search for the oil. we use satellite images, infrared and thermal photography to map and target the oil. then, the boats go to work. almost 6,000 vessels. these are thousands of local shrimp and fishing boats organized into task forces and strike teams. plus, specialized skimmers from around the world. we've skimmed over 27 million gallons of oil/water mixture and removed millions more with other methods. we've set out more than 8 million feet of boom to protect the shoreline. i grew up on the gulf coast and i love these waters.
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we can't keep all the oil from coming ashore, but i'm gonna do everything i can to stop it, and we'll be here as long as it takes to clean up the gulf.
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good morning. i'm andrea roane. here's a couple of stories we are following this morning. prince georges county police are asking for your help in finding a man wanted if armed robbery in oxon hill. officials say this man walked in to the sunoco on livingston road yesterday and pulled a gun
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and demanded cash from an employee before fleeing the scene. a woman is recovering after being hit bay truck in northwest last night. witnesses say she was crossing the intersection of connecticut avenue and r street when the truck clipped her. reports say that crossing signals that face the wrong direction may have contributed though the accident. for the first time in three months, no oil is leaking in to the gulf of mexico. look at this picture. b.p.'s new corn tapement cap successfully stopped the broken well and now they are working on a permanent fix to the leak. that's a different shot after 87 days, isn't it. >> something we have not seen for month and very good news there. >> how are you doing. >> doing great. i have a couple of concerns today. we had a heat advisory issued for our region. it goes in to affect at 11:00 until 9:00. i will show you that now. current temperatures just outside, very warm this morning. the reason we see heat advisories if you do not get
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cool at night, if you are not upper 70s to 80 degrees for the lowest temperatures of the day dangerous meet and looks like we are in for another extended period of heat. a lot of 70s region wide and a look at the heat advisory for the washington metro as you go to the west and southern maryland. philadelphia is also included in that heat advisory. i will tell you how hot we are getting in a bit and maybe some slight chances of storms maybe bringing a little relief this weekend. >> we will take any relief we can get. >> certainly are will. >> tgif, everybody. not much going on right now. a little bit of construction but it should be clearing in the next half hour or so. 95ing and the bw parkway, watch for roadwork on 216. 270 the construction set up going at 117 clopper and northbound here at falls road and muddy branch. no issues to report on the outer loop at 50 and 236 little
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river. that's where we have a construction site on the side of the roadway. back to you. metro wants you to call transit police if something goes wrong at stations, on trains or at buses, but there is practically nowhere in sight giving you the proper police phone number to dial. we look at one man's mission to hold metro accountable for those digits. >> we look at the building across the street. >> talking about these signs, he calls it marketing 101. he says even metro gets the drift, sort of. >> having police department without a phone number is like having a rail station without a sign. >> reporter: that's where he sees a huge problem. >> they have a campaign if you see it, say it. who are you supposed to say it to? he said of course you will hear this while standing on a platform. >> contact the metro police department at 202-962 -- >> but you won't hear it repeat
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often trains or bus and won't see the number posted inside of trains or bus or practically anyone near metro. >> one day in 2006, while i was riding on a bus i heard the announcement that is frequent and it says if you see something wrong, contact appropriate authorities and i could only think, who are they? >> reporter: he helped the riders advisory council when they put up a mock up sign to address the complaints. four years later and the signs are not up. so she drafted a letter citing three examples. when riders were locked in a chefferry station. stuck for 40 long, hot minutes and on saturday when someone stole a metro bus. >> metro failed to think sufficiently about how


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